Section 1. Short title
This Act may be cited as the Supporting Transit Commutes Act.
(a) In general
Section 274(l) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (2) as paragraph (3) and inserting after paragraph (1) the following new paragraph:
(A) In general
Paragraph (1) shall not apply to so much of any qualified transportation fringe described in subparagraph (A) or (B) of section 132(f)(1) as does not exceed the limitation described in section 132(f)(2)(A).
(B) Reduced deduction in case of benefits provided under salary reduction agreements
In the case of any qualified transportation fringe with respect to which the employee may elect between receiving such fringe and receiving an amount directly in cash, subparagraph (A) shall be applied by substituting 50 percent of so much for so much.
(b) Conforming amendment
Section 274(l)(3) of such Code, as redesignated by subsection (a), is amended—
(1) by striking this subsection and inserting paragraph (1), and
(2) by inserting for qualified bicycle commuting reimbursement after Exception in the heading thereof.
(c) Effective date
The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act, in taxable years ending after such date.